Eunpyeong-gu Passes 58.1 Billion KRW COVID-19 Supplementary Budget

Focus on Supporting Vulnerable Groups Threatened with Survival Rights... Investment in Small Business Support, Job Creation, Infectious Disease Prevention Projects... Expansion and Relaxation of Criteria for Emergency Operating Fund Support for Micro Small Business Owners

[Asia Economy Reporter Jong-il Park] Eunpyeong-gu (District Mayor Kim Mi-kyung) announced that the emergency supplementary budget for COVID-19, totaling 58.1 billion KRW, aimed at revitalizing the stagnant local economy and preventing the spread of the coronavirus, passed the district council review on the 1st.

This supplementary budget focuses on supporting vulnerable groups such as small business owners, the elderly, and children, who are facing threats to their livelihoods due to decreased sales amid the emergency situation, while making every effort to prevent the spread of COVID-19 in the local community.

First, for residents facing economic difficulties due to COVID-19, 50.9 million KRW is allocated for the national emergency welfare support project targeting low-income households; 2.3 billion KRW for COVID-19 related living support expenses; 26.7 billion KRW for Seoul City disaster emergency living expenses support; 8 billion KRW for the temporary child-rearing support project; 10.8 billion KRW for the temporary living support project for low-income groups; and 1.5 billion KRW for 12 job-related projects including securing safety nets for senior job participants, totaling 50.6 billion KRW to support residents whose livelihoods are threatened and to create jobs.

Additionally, 5.6 billion KRW will be invested to provide practical assistance to small business owners, micro-entrepreneurs, and small and medium-sized enterprises (SMEs) threatened by the local economic downturn.

The district will provide 5 billion KRW for the ‘Emergency Operating Fund Support for Small Business Owners’ project targeting SMEs and micro small business owners in the district to alleviate temporary financial difficulties. For businesses that have not been open for more than one year and cannot provide sales proof, the sales amount stated on the application form will be accepted as a substitute, and proof through card sales will be allowed to ease support criteria. Interest will be temporarily waived for both existing and new borrowers.

To stimulate the sluggish local economy and boost consumer sentiment, 250 million KRW will be provided as the district’s share for issuing ‘Eunpyeong Love Gift Certificates’ (worth 10 billion KRW). The ‘Eunpyeong Love Gift Certificates’ are mobile gift certificates usable at Zero Pay affiliated stores and can be easily and affordably purchased by installing an app.

Furthermore, 225 million KRW will be invested in the specialized market development project; 500 million KRW in the ‘Eunpyeong-type Small Business Employment Retention Support Project’; and 390 million KRW in the Eunpyeong-type COVID-19 Overcoming Support Team project.

Notably, the ‘Eunpyeong-type Small Business Employment Retention Support Project’ provides an employment retention subsidy of 500,000 KRW to unpaid leave workers at small businesses with fewer than five employees (excluding one-person self-employed).

The public job project, ‘Eunpyeong-type COVID-19 Overcoming Support Team Project,’ offers jobs related to COVID-19 such as multi-use facility inspections, prevention publicity, and disinfection activities for three months to urgently support residents facing economic crises due to unemployment or unpaid leave caused by the economic downturn from COVID-19.

The district has allocated 1.9 billion KRW to strengthen the infectious disease response system, including 970 million KRW for purchasing COVID-19 response supplies; 267 million KRW for introducing ambulances to enhance the patient transport system; and 79 million KRW for hiring medical personnel to respond to COVID-19.

Kim Mi-kyung, Mayor of Eunpyeong-gu, stated, “This COVID-19 supplementary budget was prepared with the aim of strengthening the local quarantine system and revitalizing the local economy. We hope it will serve as a stepping stone for residents to overcome anxiety about COVID-19 and for small and medium-sized enterprises and small business owners who have suffered economic damage to stand up again.”

This content was produced with the assistance of AI translation services.